Gold and Silver rate today (March 1, 2024): Yellow metal remains unchanged; white metal trades higher after US inflation figures matched expectations

Gold and Silver rate today (March 1, 2024): Domestic yellow metal futures were unchanged on Friday, while white metal futures traded higher after inflation figures that matched expectations reinforced bets that the Federal Reserve won’t raise interest rates before June.

Last seen, MCX gold futures (Apr 5) were unchanged at Rs 62,567 per 10 grams at the last count, having traded between Rs 62,544 and Rs 62,578 earlier in the day. MCX Silver futures (May 5) were up Rs 175 or 0.25 per cent at Rs 71,454 per kg.

"The inflation report follows a recent jump in both the consumer and the producer price indexes, bringing some relief to traders who had significantly dialed back their Fed bets," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended buying gold April futures on dips at 62,600, keeping the stop loss at Rs 62,200 and a target price of Rs 63,000. For silver May futures, she recommended buying on dips at Rs 71,300, with a stop loss of Rs 70,300 and a target of Rs 73,300.

Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India expects gold to trade higher towards 62,740 levels, a break of which could prompt the price to move higher towards 62,920 levels.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2054.8.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (March 1, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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